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FOX Business
Nov 23, 2012 10:00pm EST
? fewer still want to be loved with all the deficit. lou: it's going to have to mean cutting the federal budget.the x >> even if we increase the taxr, rates, as you noted, the top 1%y in this country, 17% of the 37 income is what they make. they pay 7% 37% of the taxes.oug lou: give us your last thought here.ith the >> mr. president, please, please we work with the businessyou' putti community. we want you to succeed. but you are puttingy animpedims in a way to make it impossible. we want you to succeed. work with us. >> i don't expect the republicans to love our budget. compromise is hard. we are going to have to compromise. lou: no spending cuts, what is the deal? that is tonight's "chalk talk" people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i wasaving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera sh
CNBC
Nov 26, 2012 7:00pm EST
cuts which is the true source of the deficit problem along with anemic economic growth. and here's one. we just got confirmation that the latest fiscal numbers from the treasury department show the federal government ran up more red ink in october than it did the year before, and guess what? spending went up double digits from the year before. what a surprise. but the white house got one thing right today. it released a study showing that a massive year-end tax hike would kill consumer spending by $200 billion, right. so let's not raise taxes. and in addition to all of this, the joint chiefs of staff is apparently drawing up plans to keep 10,000 u.s. troops in afghanistan past the 2014 deadline. this break a president obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess with now just 35 days to go. are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good ev
FOX Business
Nov 24, 2012 10:00am EST
of that up, you are still going to be left with a huge hole called the deficit and it will have to mean cutting the federal budget. >> so, even if we increase the tax rates, as you noted, by the way, the top 1% in this country makes 17% of the income, and pay 37% of the taxes. i mean, so, the fair share argument really isn't -- >> up against a hard out here, and i'm going to ask you to give us your last thought here. >> mr. president, please, please, work with the business community. we want you to succeed. but, you are putting impediments in our way that make it impossible. we want you to succeed, we want to succeed. work with us. please work with us. >> andy puzder, thanks for being with us. european nations on the wrong side of the fiscal cliff but the president says america can steer clear. >> president barack obama: i believe it is solvable and my budget, frankly does it and i don't the republicans to adopt my budget, i recognize we have to compromise. compromise is hard. >> lou: more than a trillion-and-a-half dollars in tax hikes, no spending cuts. what is the deal? that is tonig
FOX Business
Nov 23, 2012 7:00pm EST
with the deficit and that will mean cutting the federal budget. >> eventh if increase the taxe rates, the top 1% maken timbersf 17 percent of the incoming and a 37% of the taxes. lou: give us your lasthot thought. >> mr. president, pleaseplease mr. president, please, workbusi with the bneusiness community. b we want you to work with us i but you put impediments in our way. work with us. please work with us. lou: european nations on the wrong side of the fiscal cliff but the president says ameritech and steer clear. >> i recognize we have to compromise. >> $1.5 trillion of tax hikes but no spending cuts? hikes but no spending cuts? "chalk talk."omcu core of my portfolio. hikes but no spending cuts? "chalk talk."omcu what i really need is sleep. introducing the ishares core, building blocks for the heart of yr portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possibl
FOX Business
Nov 21, 2012 5:00pm EST
from this incredible deficit. melissa: i hear you and i agree with you, but that message, feels like by virtue of the last election the rest of the country is not agreeing with that. >> i think time will prove this is right. the president has to look at legacy, he is the worst president in all of american history if the economy continues on a crash course as it is right now. the real opportunity is just presenting itself for folks in the tea party where we can say cutting spending is the only answer. if you tax everybody that obama is talking about taxing, the most you could cut off the deficit is 5%, something insanely small. that will not do anything. the message has to be to cut spending and until that resonates with americans, have to realize the economy will keep declining. melissa: ho huggies is a spendig problem, not a revenue problem? >> the left is always going to try to appeal to the low information voter. so we have to take information, make it really simple, on complicated and communicated in a narrative that can be marketed to the masses of people. if you take the tax in
CNBC
Nov 28, 2012 3:00pm EST
, michelle, why is this such a crisis? we're going to have about $.5 trillion in deficits in 2013. is that a crisis? for god's sake, we're finally doing something to address our debt and deficits. that should be great news. i'll tell you why gold might be down today. why is the market rallying when gold, oil, and copper are down? the only tentity borrowing all this money is the government. that's why gold is going down. guess what? don't worry about it. they're going to punt on this like they have every other time. >> are you as pessimistic? are they going to punt? what do you do? >> in the short-term, you have to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be
FOX Business
Nov 26, 2012 11:00am EST
box and reduce the deficit, they spent it. he has no savings in his budget. he wants to count savings because he is not in iraq anymore. they threw him out. that is why he is not in iraq anymore. connell: we will obviously come back to this over and over again. grover norquist, thank you. dagen: we will stay on the topic of warren buffett and taxes. should the cut off the $500,000 not $250,000 as the president wants. would that ease some of the burden and pain of higher taxes? >> on one level it would, of course. raising that threshold from $250,000 to $500,000. the buffet idea maybe release a little bit of pain, but does nothing to address the extortions that he is talking about. huge distortions. 160,000 pages of distortions in the tax code. you were talking about a tiny, tiny improvement. i will take it, sure. we are getting distracted on this one. dagen: connell was talking about a minimum tax on the wealthy. he starts out $1 billion a year. 30%. a good idea in the abstract? then he starts talking about his brother in. those are multi billionaires, dude. >> i mean, i think these a
FOX Business
Nov 26, 2012 11:00pm EST
a deficit thattic vides a trillion -- that exceeds a trillion dollars. i don't think any republicans will say what the hell let's just raise taxes because barack obama says so. neil: they are running with tails between leg. >> look at the electeds. >> look, bottom line, i don't like pledges of any kind, you have to be pragmatic in washington both sides, democrats should not make pledges either, they need to come to the table. neil: you don't have to worry, they will not. what is going on on the whole tax thing, and whole norquist thing? main were saying that -- today saying, that this is really about the imploying of grover norquist, he took afence to that in my interview earlier, but that is what is going on, probably more more than that, what do you say? >> first, i ca i have to addrest julie said, almost someone who lives inside of beltway could say that a pledge does not matter, this is a promise, they said while they serve in congress, not a short-term team, they made a promise, where i come from thee, the rest of america, separate from washington d.c., a pledge is a pledge, a p
CNBC
Nov 22, 2012 1:00pm EST
. >> in the wake of the 2008 financial crisis, the size of the federal budget deficit has received a lot of attention. but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of complacency. >> meredith whitney is one of the most respected financial analysts on wall street. she made her reputation by warning that the big banks were in big trouble long before the 2008 collapse. now she's warning about a financial meltdown in state and local governments. >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> why aren't people paying
CNN
Nov 28, 2012 9:00am PST
on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so we can invest in training, education, science, and research. now, i know some of this may sound familiar to you because we talked a lot about this during the campaign. this shouldn't be a surprise to anybody. this was a major debate in the presidential campaign and in congressional campaigns all across the country and a clear majority of americans, not just democrats but also a lot of republicans and a lot of independents agreed we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. and i'm glad to see, if you've been reading the papers lately, that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. the senate's already passed a bill that keeps income taxes from going up
FOX Business
Nov 26, 2012 1:00pm EST
plus dollars deficit. we need way more than these kind of things to fix this. we need to cut spending. that is what we need to do. this is the only way we will balance the budget. melissa: you make a point not everyone has made, just the impact of the stock market of what is going on. raising taxes on investment doesn't even hurt as much as just how much government spending is going on. >> i will try. this is the heart of economics. call it the cloud or the smart phone or the tablet, those technologies to throw out productivity efficiency. and the games society makes from these technologies, we get reinvested, sort of the savings we had from using a tractor on the farm, so the price of food goes down, the resources get redirected into something new like inventing an automobile, if the government steps in and spends that money, takes it away, taxes it and spends it, we don't get the full benefit of the technologies that we are inventing. that is why we have a percent unemployment rate, growing 2% today. if we had a smaller government, we should be growing faster and have more jobs and
FOX News
Nov 26, 2012 5:00pm PST
california owes an astounding $167 billion. and it's running an annual deficit of about 9 billion. money they that can never never be paid back. what is california getting for all of that? high school graduation rate 37 out of 50 states. per capita income, $44,500. but, there is a 10.1% unemployment rate. crime number one. there are more prisoners in california than any other state. take a look at texas. high school ranks 44th. slightly above california. per capita income about 40,000 bucks per year. but there is relatively low unemployment 6.6%. convicts in state prisoners ranked number two behind california. so you can see there is not a big difference in the economic and social stats but there is a big difference in mind set. california has many more social welfare programs. golden state also has many more business regulations. texas, you could pretty much set up any bigness you want. you can also ride a motorcycle without a helmet. talk on the cell phone without a car and on and on. texans basically saying hey, government, get out of our lives. californians on the other hand generall
CNBC
Nov 25, 2012 7:30pm EST
, this debt and deficits of this country. the drama is playing out. how do you think it impacts the economy? >> first thing is i don't like what i see. i noticed that the politicians don't have their head in the game. they are like two teams playing to win. we're not represented by them. they are not coming to agreement to try to win points from each other. that's not what we want. >> it is all about winning. >> we are paying the price. these people are not paying the price. absence of the game is becoming the main source of fragility in american society and of course in the world economy. >> what do you mean by this? they aren't in the game. the john boehners and the barack obamas they don't have skin in the game. >> they are shooting for numbers to look good but they don't pay the price of the mistakes. you and i pay the price of their mistakes. >> let me bring up your book. the book is called "anti-fragile, things that gain from disorder" you said think of the economy as being more of a cat than a washing machine. >> let me explain about anti-fragile. the opposite of fragile is not robus
FOX Business
Nov 22, 2012 5:00pm EST
at the deficit, the debt, it all matters. and what they are doing, it's almost like a microcosm of what the federal government does. it prints it, goes into more deficit spending. that is what fema is doing. they don't have the money and they will be able to pay back the money a already zero. it is all really the same. congress needs to address this. we cannot keep on doing this, keep on bailing out fema. everything will be fine. it. melissa: we don't want to leave people who need help. are they out of money because their and our people in disaster situations? are they just bad at managing it? >> two reasons, and you mentioned them both. the first is that people build houses on flood prone areas, beaches, next to reverse. they only pay a couple hundred dollars a year for flood insurance. the taxpayer bells them out of literally and figuratively out of these floods because let's say $300 a year. they did bailed out to the tune of tens of thousands of dollars by the federal government when a disaster strikes. if you kind of sound -- well, let's look at how we do this. no, we are taxpayers
FOX Business
Nov 23, 2012 10:00am EST
deal. that is where the deficit is. it is in at $800 billion stimulus. you are looking for where the deficit comes from some saves medicare and social security. it is that need hundred billion dollars that became permanent. >> absolutely. it did. here is the shocking thing about washington. every year the politicians try out these things like tom coburn trots out his waist book every year. hundreds of billions of dollars in identified waste, waste, fraud, duplicated services and every year they get on the camera and say this is terrible and horrible we need to do some good about it and they never do anything about it and folks like john boehner who doesn't even talk about eliminating fraud and waste and duplicated services. dave: the onus is on you and the other tea party years all over the country. where is that 2,010 tea party coalition? how can it be reenergize? how can it be put into effect again? >> you will see it in 2013. what is going to happen the republicans in the house of representatives are going to cave on taxes and spending and when that happens you will see that a
FOX Business
Nov 23, 2012 3:00pm EST
's a $15 billion shortfall which has to be borrow and added to the deficit every year. naturally is part of the deficit-reduction discussions. the group supporting the attack site include state highway officials, road builders, trucking associations, the simpson-bowles planner it proposed raising the tax as well. there's another tax in the fiscal cliff and possible gas tax is not the only tax to hit the bottom line. deal or no deal, hold on to your wallet. here with more, the senior tax policy analyst for the heritage foundation. always nice to have you on the show. let's talk about the bottom line for so many people out there, it will hit so many folks, 90% of households, almost impossible to escape and create that. >> everyone's taxes will go up on january 1st. important to point out we're talking about today which is raising taxes. that is off point. the fiscal cliff is here because we're spending tooomuch. we are the precedents of the debt crisis because we're spending too much. how we can raise taxes and talk about raising the gas tax, nothing to do with cutting spending which is wh
CNBC
Nov 27, 2012 6:00am EST
the plan to a bankruptcy judge on friday. sa they need to close a nearly $46 billion budget deficit. new york and new jersey need at least $71.3 billion to recover from the devastation of super storm sandy and prevent similar damage from future storms. this is according to the state's latest estimates. that total of course could grow. steve liesman has been crunching the newspaperup i numbers and hn the next hour. this is to try to build up some sort of protection, some massive floodwalls. governor cuomo was saying this would be like $9.1 billion to start building. >> questions about the future of the sec following mary shapiro's exit. elyse walter could run the agent until december 2013 when she would have to be renominated and reapproved by the senate. among the issues, and ongoing battle over regulating the $2.5 trillion money market fund industry, some 63 unfinished rule making requirements that are all part of dodd-frank and continuing fears of course about market stability and high frequency trading. p. >> money markets used to be covered by the fdic when the crisis first came on.
CBS
Nov 26, 2012 7:00am PST
. >> reporter: but raising taxes is only one-half of a deficit deal. republicans want democrats to raise the eligibility age for medicare. >> i want entitlement reforms. republicans put revenue on the table, democrats always promise to cut spending. i'm looking for more revenue for entitlement reform before the end of the year. >> reporter: so far democrats sound lex flexible. >> we've got to make sure there is seamless coverage of afordable health coverage for every american. my concern about raising the retirement age gaps in coverage or coverage that's way too expensive for seniors to purchase. >> reporter: there are many potential cliffs but higher taxes for structural changes for medicaid and medicare may be abong the biggest. bob corker argued for both warning everyone against punting this until next year or accepting phony savings that don't solve or at least address the underlying deficit and structural debt problems. charlie and norah? >> let me add my voice, congratulations you on this day enharnting one of the big jobs in journalism. they're big shoes
CNBC
Nov 28, 2012 6:00am EST
. in other words, instead of a cliff, that you reduce the deficit over time in a much more orderly fashion. >> with a plan, though. >> with a plan. exactly. bowles simpson was a plan. >> bowles simpson is so far gone at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of
CNBC
Nov 28, 2012 1:00pm EST
the revenue that gets us out of the deficit. >> a $4 trillion deal would be your goal. i want to focus on maybe something that hasn't been talked about as much, and that's entitlement reform. and the big one here would be medicaid and especially medicare. if you had to tell your democrat colleagues, here is the one reform that i think you should make to medicare, to reduce the growth and expenditure there, what would it be? would it be increasing the eligibility age? would it mean that the wealthy have to pay more? what would it be? >> there are any number of those things. you say to people at or near retirement, we're not going to change it for you. but for younger people, they want a change. they'll support it because we've got to make sure these entitlement programs are solvent both now and for the future. so i believe we can come together in a bipartisan way and do this. it's got to be part of a package in order to get the job done. >> i couldn't agree with you more on that because the history of american workers over the past 24 years is that we have adjusted to reduced benefits,
CNBC
Nov 26, 2012 2:00pm EST
that if we get a big deal done here in terms of the budget deficit, i think we could have a very good economic growth next year. >> a lot of "ifs" though. if, if, if. to mandy's point, lope is not a strategy. if is not a strategy. >> that's right. i think now the president has picked geithner to negotiate with the republicans, with boehner. i do think there's good grounds for something to come out of this. i think the simpson-bowles framework i think gives a pretty credible framework that they can work off of. maybe they do some things a little bit differently but if they can get something done of that magnitude, it will be very big for business confidence and for the economy. >> i know our viewers, very smart bunch. they can be a little tough though. right? in their own way. they'll say stock market, it is only up because the federal reserve is priming the pulp. is that true? >> that's a big part of it. that money that the fed is buying these treasuries and now mortgages, that money needs to go somewhere. so it is working its way into risky assets, causing corporate spreads to tighte
FOX Business
Nov 20, 2012 10:00pm EST
it will be a modest reduction in the rate of increase in spending such the we will have a $1 trillion plu deficit next year. more of the same. lou: as always. >> thank you. lou: up next to illegal immigrants wants new privileges because, i hate to tell you, it looks like pandering contagious. imagine that. and forget susan rice. not the plot -- the biggest problem with this administration we will demonstrate to you the gaping holes in the benghazi time line and some xtraordinary coincidencesn the patraeus ♪ lou: benghazi, a lot of people are forgetting, pushing in out out of their mind or some organizationdon't pay attention. we will take extra time to refresh ourselves on the timeline of a cover-up. it began september 111 hour before 9:40 p.m. private securityyin benghazi in first calls for assistance came made calls on cellphones and in at precisely that time. at 11:00 p.m., unarmed drone drone arrivedo provide real-time intelligence to tripoli and washington broke 12 '07 a.m., the 12th they announced that she react claimed responsibility for the benghazi attack with devours tthey knew they had re
FOX Business
Nov 21, 2012 11:00pm EST
people really care that much about the deficit. they certainly didn't vote as if they did. when it comes to these entitlement programs, no matter what your party is and whether you agree with paul ryan or not, he did put bold initiatives to try to bring these costs down and people rejected it. i thk we took a step back in the last election in terms of fixing the programs. >> having said that, a lot of people say i paid into social security and i deserve that. i don't see how medicaid can hold out. i think that's going to collapse a lot sooner than any economist we be forecast. >> there's a good reason why i agree with you. that may be the fastest entitlement program. here is the reason why. not because it's bankrupting washington, because they have been for 15 years. the reason is because it's bankrupting the state. states pay about 40% of the cost and every governor that i talk to, they say that we can't afford this anymore. it is becoming the top of our budget. i agree with you. that could be the program that we fix first. charles: predent obama is in and more people want out. tens of
FOX Business
Nov 22, 2012 11:00pm EST
to a spectrum of use. what we are telling washington, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like th. >> you don't think it can walk past the graveyard mh longer? >> i don't think so. i don't think we can whistle the tune very much longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president is now speaking out. that coming up next before copd... i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function star
FOX Business
Nov 24, 2012 6:00am EST
capital to a spectrum of use. what we are telling washington, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like that. >> you don't think it can walk past the graveyard much longer? >> ion't think so. i don't think we can whistle the tune very much longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president is now speaking out. that coming up next [ male announcer ] you are a business pro. governor of getting it done. you knowow to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above
FOX Business
Nov 25, 2012 8:30am EST
it was in 2007. that's where the deficits are coming from. that's what should be talked about more than taxing people who are working their rear ends off t do better for hemselves. >> i've got to tell you i don't like when warren buffett is brought into a discussion about people making $250,000. >> two different worlds. >> he's a very good business man. >> an amazing businessman, he doesn't care about xes. >> he's not the only businessman saying it. >> it's not just the fiscal cliff coming on january 1st, more of the president's health more of the president's health care law is starting to kick [ malannouncer ] it'that time of year again. time for cii price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. buy now. save later. ♪ [ male anno
FOX Business
Nov 26, 2012 7:00pm EST
norquist in july when he agreed to a tax increases in exchange for a grand bargain on the deficit. the other republicaa gang member, senator mike ray powell reportedly indicated earlier that he is open to a range of possible tax rates. now senate is lindsay gramm, john mccain, bob barker along with house majority leader eric cantor and congressman peter king are rebuking the norquist anti-tax pledge, a new gang of six saying in recent days they would break that pledge to look for new ways to generate revenue republican congressman peter king said bluntly, he is not ruling anything out. >> i agree entirely. a pledge to sign 20 years ago, 18 years ago. i think everything should be on the table. lou: two of the senator's not only reversing themselves on raising taxes but also rethinking their opposition to a susan rice secretary of state apartment. senators gramm and mccain both revising their political positions in a bit -- at a breathtaking pace. joining a summer we are calling the republican reset, the fiscal cliff, of course, and the coup in egypt, the president seemingly in sear
FOX Business
Nov 20, 2012 9:00pm EST
and deficit problem in a recession. we have big near-term problems and don't solve the long-term problems. gerri: 50,000 for every american taxpayer. it is pretty frightening. what would you like to hear from the president? he has made it clear it is my way or the highway. >> what he has to press s urgency to get this done and lay out a plan. he is the president of the united states. if we're going to talk about big bargains in solving the debt problem, all we have heard is the tax hikes. what arehey spending cuts would actually propose? that is something american people have to hea gerri: i want to hear about entitlement spending. please come back. have a great thanksgiving. the fiscal cliff mess is going take a bite out of your bottom line when a slew of higher taxes. those lucky enough to get a year-end bonus, now maybe the time to ask your employer to cut fat check. rich edson joins us from washington. >> the law says taxes are going up. trying to avert the full tax hike so we really don't know who will pay more or if anyone will pay more. one tax expert says a conservative tax play t
FOX Business
Nov 23, 2012 5:00pm EST
. >> well, at some point everyones says in washington we have to do something about the deficit, and here's a good place to start.str if you need to actually bring i, revenue, the best place do it is where it does the least harmt that's on tax cuts for the wealthy. that's something that's really unassailable. now, if we were in conditions when we didn't have any deficiti issues, of course, we wouldn't have any need to raise taxes on anyone one, but we have competing priorities and have to find a way to pay for them. melissa: we have a spendingwe problem, h drunken sailors, a credit car to run forever, and we just can't. >> that also has consequences.ee as everyone knows with the looming so-called fiscal cliff discussion, if you cut too muchu you also drive the economy into an abyss so, you know, we'd all like to say we cut spending and live within our means, but it's not as simple as that.ple you can also cut spending too much so that you actually hurtrt the economy you're supposed to help. melissa: so, i agree with whath you are saying, and this is too civil. i got to derail it somehow o
FOX Business
Nov 24, 2012 6:00pm EST
, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like that. >> you don't think it can walk past the graveyard much longer? >> i don't think so. i don't think we can whistle the tune very much longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president is now speaking out. that coming up next americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committ to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuri
FOX Business
Nov 28, 2012 7:00pm EST
the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well. just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment rate in the country. for stub's illinois a death spiral state because for every hundred private-sector workers in illinois there are 103 depending upon those private-sector workers. new york, aiming at the sixth worst death spiral state because for every 100 private-sector jobs in new york there are 107 who depend on the private sector for their -- well, their sustenance. a per capita debt of nearly $6,700. $6,700 just for the state of new york. the six highest in the country. we have people worrying about the fiscal cliff which is worth worrying about. some of these states have gotten a massive problems. these thre
FOX News
Nov 27, 2012 4:00pm PST
. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking about tweaking these programs, there are groups in washington around the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to do in this. i agree with him. and there are things that i personally believe there are thing
CNBC
Nov 26, 2012 6:00am EST
large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen. whether it can happen before the german elections in the fall next year is a mute point. anyway, that's where we stand. fairly down beat for equities and yields a little bit mixed. back to you. >> all right. thank you very much. let's get back to the fiscal cliff. we've been talking about the issues of taxes. as we mentioned, warren buffett calling for a minimum tax for the wealthy. he starts with suppose that an investor you admire and trust comes to you with an investment idea. this is a good one, he says, i'm in it and i think you should be, too. would your reply possibility be it all depends on what my tax rate will be on the gain you're sa
CNBC
Nov 21, 2012 6:00am EST
of the issue. >>> in global market news, japan logging its fourth straight trade deficit in october. the european debt crisis with china over a territorial dispute actually reduced exports. and we continue to follow the latest developments out of the middle east. secretary of state hillary clinton traveled to the west bank this morning to meet with palestinian president mahmoud abbas. abbas heads the west bank, while the palestinian militant group hamas controls the gaza strip. hamas is considered a terrorist organization by the united states because it continues to refuse to recognize israel as a state. the united states has a policy of not negotiating with terrorist organizations. that's why she's not speaking with anyone in gaza. her visit comes hours after a meeting with israeli officials that lasted late into the night. >>> let's take a look at the markets this morning. we already showed you the futures. they are down slightly. dow futures down by about 23 points. in europe this morning, you'll see that -- also, by the way, a lot happened yesterday. ben bernanke started talking
FOX News
Nov 25, 2012 3:00am PST
? >> illinois has the worst budget deficit in the nation and why is the state spending millions of taxpayer dollars on table for prisoners. >> and eco friendly zip lines, maybe they want them to watch "fox & friends" in prison, have you ever thought of that. >> dave: amen, there's some viewers, baby. >> clayton: "fox & friends" begins right now. ♪ . >> alisyn:. >> alisyn: good morning, everybody, thanks for joining us bright and early on this sunday morning, we have quite a show for you, including the ongoing debate that dave briggs launched yesterday about yoga pants and we invite you to weigh in this morning. >> clayton: you're still leading this fight and championing this fight. >> alisyn: he's made it a platform. >> dave: i may run for the white house based on yoga pants. there's both good and bad and we will delve into this later on and look, common ground. it's unlike politics, there is some common ground between the two extremes. >> clayton: of yoga pants afficianados. >> alisyn: they're bipartisan. >> clayton: send us a picture of your yoga pants and dave can critique it. >> dave:
FOX News
Nov 26, 2012 4:00pm PST
international and irskin bowles are amongst those scheduled to attend. half the bowls simpson deficit planned and laid out own formula to save $2 trillion. it is clear republicans like his ideas which would generate $800 billion in revenue through tax reform. meanwhile so much tax reform about allowing the bush tax cuts to allow the wealthy tox expire cost $9.69 billion a day to run. estimated additional revenue from allowing the bush tax cuts to expire would generate an average of $82.4 billion a year. so the money saved would run the government for 8 and a half days, shep. >> shepard: mike emanuel live in our newsroom. warning from the white house tonight. it says americans who may do less holiday shopping this year because they are worried about possible tax hikes in january. if we do go off the cliff, the white house is predicting more serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $
FOX Business
Nov 27, 2012 9:20am EST
programs. only 38% think it's going to actually reduce the deficit. so, here we've got a debt problem, some would say a crisis, and people are just not confident that we're going to address it, certainly not with new taxes. >> well, that's right. and look, skepticism about politicians is as old an as america, part of our cultural dna. in fact, i was surprised only 4% think this'll spend the money instead of using it as they promise. and one of the other things that we're seeing and i think this is really important in these discussions, if you ask people about across the board spending cuts, what everything is included, everything is on the cable. 65% say that's a good idea. but if you take something off the table and say, cut everything, but the military, support falls to 42%, so americans want to make sure that this is not something that singles out a pet project for exemption and protection. >> if people think like this about the future of health care and think like this about debt. how come they reelected president obama? how did this happen? >> well, to some degree they didn't think it'
FOX Business
Nov 28, 2012 1:00pm EST
help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is still under some pressure, but retailers are really stealing the show. many are doing well for a varie
CBS
Nov 27, 2012 7:00am PST
? >> absolutely and i don't mean just senators. there's no question i believe the severity of our deficits and the future problems ahead of us are going to have to be addressed bay combination of revenue increase -- >> the question is larry, are they listening and are they prepared to make compromises that they were not prepared before? >> i think so. >> why do you think so? >> i think maybe it's the openness of the dialogue. in august of 2011 when we had this problem, you did not hear any ceo speak up. you did not hear a public discord about this. i actually believe the militancy of the ceos today is a very different phenomenon. maybe the timing is different. maybe the atmosphere is different. everybody is speaking out. one ceo may have a different opinion than another one. but the fact is an open dialogue, and an open dialogue is a democratic process. >> do you think the president should appoint a businessman or maybe even a republican person who supported romney and the secretary of treasury to send a message? >> i think we're going to live in a very volat >>> an
NBC
Nov 26, 2012 7:00am PST
the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and the sticking point at this stage is how do you go about making the wealthiest pay more? do you do it by raising the tax rates? that's what president obama wants to do. wants to raise the tax freights 35% where they are now up to where they were during the clinton years at 39% what. republicans are arguing is you don't have to do that. you can get all of the money or some of the money that you want by getting rid of loopholes so doing full-fledged tacts reform at next year but don't raise the tax rates at all and somehow get rid of the loopholes. the white house says, hey, that math doesn't work. >> let me pick up on that because we've seen a few republicans
CNN
Nov 26, 2012 4:00am PST
, bring entitlement reform into the conversation. social security sed aside. doesn't add to the deficit. but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. >> congressman bill pascrell is a democrat from new jersey. thank you for talking with us. >> soledad, how are you this morning? >> i'm really well, thank you. i've had many, many days off. what are the democrats willing to give? you heard dick durbin there. tick off for me and be specific, what are democrats willing to give on in this negotiation? >> well, i think the senator's absolutely correct, we need to compromise. there's no question about that. and we will not, however, in any way, shape or form, jeopardize the planned benefits for social security. i mean that's kind of installed in the american people. we changed social security over the years in order to meet the demands that the program insists upon. we will do that. but we'll do that in a bipartisan fashion. >> okay, so compromise. social security is off the table. medicare, walk me through what a
FOX News
Nov 27, 2012 3:00am PST
to see them try different things. first of all, let's recognize the fact that we had the deficits right now as a result of obama's budget. that's $5.3 trillion. that's in his budget. he signed that. we have a lot of the programs that should be undone. give you an example, we had a democrat president back in the '90s, bill clinton, while we had a republican majority in the house and the senate. we did welfare reform. we put the work back into welfare and it was tremendously successful. we decreased the welfare rolls. now, obama's reversed that. now we have it's gone up, the food stamp program now gone up from 28 million families to 47 million. that's just one of the things that can be reversed, that got news this mess to start with. >> gretchen: but senator, why does it appear -- and obviously the election was a result of it -- why does it appear that president obama wins the pr campaign on this entire discussion? >> well, gretchen, i represent oklahoma. he hasn't won up there. >> gretchen: but he's winning it acrossment country. >> well, i know, he's a very persuasive person. that doesn
CNBC
Nov 27, 2012 9:00am EST
to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the base upon which those rates might be applied. i'm not for raising the rates. >> why is this attracting a -- why is revenue in general attracting the share of the debate? i heard complaints that say we're not giving due attention to reform, to entitlements. is it just that taxes are sexy, is that it? >> if the media would stop asking about it we could talk about comprehensive reform of entitlements and of spending. it's a complicated, complex process. if you pull out one part of it and have a debate over that part, you're redirecting america's focus from where it ought to be which is comprehensive reform of spendin
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